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Oil prices edge back up again



Published: Wed, August 24, 2011 @ 11:56 a.m.

NEW YORK (AP) — Oil rose Wednesday following news of stronger U.S. manufacturing activity.

Benchmark West Texas crude on Wednesday rose 56 cents to $86 per barrel in New York, while Brent crude was up $1.28 at $110.59 per barrel in London.

Prices climbed after the government reported that orders for long-lasting, durable goods like autos and aircraft increased 4 percent in July, the biggest increase since March. Manufacturing is a major driver of economic growth, and more manufacturing boosts energy demand.


Comments

1paul21045(28 comments)posted 2 years, 7 months ago

If the oil companies make.09 cents a gallon, I am the Madhatter! How much do they charge as "expenses" on their taxes, when they buy from companies they own. I'm an accoutant, when you hear of companies not paying taxesm it is because the tax laws allow them to "buy" from themselves and ceate a deductible expense Oil companies, setup drilling and service companies they own, buy from and then overcharge. . .getting the revenue down to a smaller company in a lower tax bracket. . .Get real! And, the oil depletion allowance that is another story. The U.S. oil reserves are second only to Saudi Arabia and our gas reserves are the largest in the world. Our laws ae setup to reduce access to those reserves and artificially force the price up on the consumer---in effect "taxing" the consumer, and profiting the oil company. They own Congress and protect themselves first!

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2tommygc(25 comments)posted 2 years, 7 months ago

Why do gas prices decrease 10 cents in 2 weeks but increase 20 cents in one day? Our elected officials really dont care about this because their palms are getting greased by BIG OIL..Mabe at election time we should get rid of these leaches and elect new officials that will do what the people want,and if they dont get rid of them also until our elected legislate BY THE PEOPLE &FOR THE PEOPLE////

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